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Stockholders' Equity (Tables)
 6 Months Ended
Sep. 30, 2023
Class Of Stock [Line Items]  
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity from March 31, 2023 to September 30, 2023:

 

 

 

Options
Outstanding

 

 

Weighted
Average
Exercise Price

 

 

Aggregate
Intrinsic
Value

 

Outstanding at March 31, 2023

 

 

1,451,217

 

 

$

6.49

 

 

$

38,327

 

Options granted

 

 

131,257

 

 

$

1.81

 

 

$

—

 

Options cancelled / forfeited

 

 

(575,278

)

 

$

7.21

 

 

$

—

 

Options expired

 

 

(157,082

)

 

$

7.73

 

 

$

—

 

Outstanding at September 30, 2023

 

 

850,114

 

 

$

5.05

 

 

$

—

 

Vested and Exercisable at September 30, 2023

 

 

514,797

 

 

$

6.55

 

 

$

—

 
Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consisted of the following at September 30, 2023:

 

Common stock issuable pursuant to options outstanding and reserved under the 2012 Plan

 

 

625,850

 

Common stock reserved under the 2012 Plan

 

 

—

 

Common stock issuable pursuant to options outstanding and reserved under the 2022 Plan

 

 

174,264

 

Common stock reserved under the 2022 Plan

 

 

1,672,574

 

Common stock reserved under the 2016 ESPP

 

 

58,426

 

Common stock reserved under the 2021 Inducement Equity Plan

 

 

1,000

 

Common stock issuable pursuant to restricted stock units outstanding under the 2012 Plan

 

 

7,500

 

Common stock issuable pursuant to restricted stock units outstanding under the 2022 Plan

 

 

117,642

 

Common stock issuable pursuant to options outstanding and reserved under the Inducement Plan

 

 

50,000

 

Total at September 30, 2023

 

 

2,707,256

 
Schedule of Stock-based Compensation Expense

Stock-based compensation expense for all stock-based awards consists of the following (in thousands):

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

September 30, 2023

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Research and development

 

$

(60

)

 

$

125

 

 

$

47

 

 

$

246

 

General and administrative

 

 

735

 

 

 

548

 

 

 

1,103

 

 

 

1,087

 

Total

 

$

675

 

 

$

673

 

 

$

1,150

 

 

$

1,333

 
Fair Value of Employee Stock Options The fair value of stock options was estimated at the grant date using the following weighted average assumptions:

 

 

Three Months Ended

 

 

Three Months Ended

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

September 30, 2023*

 

 

September 30, 2022

 

 

September 30, 2023

 

 

September 30, 2022

 

Dividend yield

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Volatility

 

 

0.00

%

 

 

95.93

%

 

 

98.51

%

 

 

95.41

%

Risk-free interest rate

 

 

0.00

%

 

 

3.30

%

 

 

3.95

%

 

 

3.18

%

Expected life of options

 

0

 

 

6.00 years

 

 

6.00 years

 

 

6.00 years

 

Weighted average grant
   date fair value

 

$

—

 

 

$

1.85

 

 

$

1.45

 

 

$

1.99

 
Restricted stock units (RSUs) [Member]  
Class Of Stock [Line Items]  
Summary of Company's RSUs Activity

The following table summarizes the Company’s RSUs activity for the six months ended September 30, 2023:

 

 

 

Number of
Shares

 

 

Weighted
Average Price

 

Unvested at March 31, 2023

 

 

127,717

 

 

$

2.22

 

Granted

 

 

—

 

 

$

—

 

Vested

 

 

(2,575

)

 

$

10.54

 

Cancelled / forfeited

 

 

—

 

 

$

—

 

Unvested at September 30, 2023

 

 

125,142

 

 

$

2.05